South Wales Central MS Andrew RT Davies has called on the Labour Government to drop its plans to scrap agricultural property relief when farms are passed to the next generation, after a new report revealed it would hit the sector by up to £1.9billion.
The research, conducted by CBI economics, found the agriculture and horticulture sectors would face average reductions in turnover of 12% and 11% respectively.
Mr Davies, whose family farm is located in the Vale of Glamorgan, pointed out the community’s economy relies not just on farms, but associated industries.
He warned that agricultural suppliers in the Vale would also be hit if the proposed changes are not dropped.
Mr Davies said:
“Farming and agriculture are essential for our economy here in the Vale of Glamorgan. Not only do we rely on farmers to produce the food to feed our nation, but many other jobs and livelihoods are dependent on a thriving industry.
“These proposed changes will make the family farm unviable. We will no longer see new generations enter the industry.
“Instead land across the Vale will be bought up by wealthy speculators, who see it as no more than a financial asset. Land will be viewed as a cash cow, not for food production.
“I repeat my calls to the Government to drop these plans and work with the industry to protect our local economy.”
ENDS
NOTE: link to the original article can be found here
https://www.nfuonline.com/updates-and-information/family-business-uk-report-wake-up-call